Home Business News Around the World Nigeria to handover TAM of refineries to Indian companies

Nigeria to handover TAM of refineries to Indian companies


The revitalisation of Nigeria’s ailing refineries will be handled by Indian companies, the Nigerian National Petroleum Corporation (NNPC) made this known during a courtesy visit by a high profile commission of the South Asian country.

The Group Managing Director of the Corporation, Maikanti Baru said Nigeria will recruit Indian companies for the Turn Around Maintenance (TAM) of the refineries, while urging them to expand their reach in the Nation’s petroleum industry.

The Indian High Commissioner to Nigeria, His Excellency, Abhay Thakur was informed of this move during his visit to the corporation’s head office, and was also assured of NNPC’s commitment to further strengthen the existing relations between both countries in the energy sector.

According to a report by Independent, Baru had in his new-year statement disclosed that successive government didn’t do Turn-Around Maintenance on the nation’s refineries in the last 42years, adding that the current administration would expedite action to bring them alive.

The NNPC’s spokesman, Ndu Ughamadu quoted Baru in the statement where he implored the Indian firms to extend their presence to the downstream sector of the Petroleum Industry to leverage on the enormous opportunities there, stating that the corporation acknowledges the role of Indian companies in Nigeria.

Meanwhile, the Indian High Commissioner, His Excellency, Thakur, commended Nigeria for its support to India in the area of energy security, stressing that Nigeria had been contributing significantly to India’s energy needs.

Kachikwu announces new date for refinery turn around

The Minister of State for Petroleum, Ibe Kachikwu has revealed that the planned repair works on the refineries will happen a year later than expected as financing talks drag. Kachikwu, during an interview, noted that funding is expected to be secured by December, with two years required to bring the plants closer to their full combined capacity of 445,000 barrels a day.


Please enter your comment!
Please enter your name here
Coronation Research

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Understanding Mutual Fund Fees

INSIGHT: Why you really should consider investing in mutual fund today

A Mutual Fund is a Trust or Company that pools money from many investors and invests in a specified class of securities such as stocks, bonds, real estate or a balanced mix of asset classes.
Ellah Lakes appoints new Managing Director, Ellah Lakes appoints Chuka Mordi, Ellah Lakes acquires Telluria Limited, Nigerian Stock Exchange NSE

NSE has placed these 34 companies on red alert

Authorities of the Nigerian Stock Exchange (NSE) has placed red alerts on some 34 quoted companies as a disciplinary measure for breaching some of its extant rules.
Union Bank shareholders endorse N54.4bn balance sheet reduction

Union Bank’s shareholders approve N54.5 billion capital restructuring

Union Bank of Nigeria shareholders recently approved the proposal to cancel N54.46 billion accumulated permanent losses in the books of the commercial bank.